North America NFC POS Terminal Market
NFC is a wireless data transfer method that enables data to be exchanged in proximity by smartphones, laptops, tablets, and other devices. Via mobile wallets such as Apple Pay, Android Pay, as well as contactless cards, NFC technology powers contactless payments. The rising number of the supermarket, specialty store, and hypermarket are raising demand for the NFC POS terminal across them.
Some of the factors stimulating the market for NFC POS terminal include an increasing preference for NFC-compatible smartphones for payment among population. While in the mid-2000s, Near Field Communication or NFC was developed jointly by Philips and Sony, over the years, the technology has evolved for different use cases. With 3.4 billion active smartphones in the world today, mobile penetration is at an all-time high. There are 2 billion computers, mostly tablets that can be NFC-enabled. Increased penetration of NFC-based mobile handsets is one of the main factors contributing to the growth of the NFC POS terminal industry. The increasing use of NFC-enabled smartphones is likely to expand the use of NFC POS terminals for payments and digital exchange in the transportation, retail, and healthcare industries.
In our study, we have segmented the NFC POS terminal market by product type, and application. The product type segment of NFC POS terminal market includes mobile, fixed. Based on application, the NFC POS terminal market is segmented into entertainment, healthcare, hospitality, retail and others. Based on country, the NFC POS terminal market is analyzed into North America.
The market players present in North America NFC POS terminal market are mainly focusing on the product enhancements by implementation of advanced technologies. The large firms are adopting the strategy of acquisition and collaboration with the various companies for enhancing its capabilities and expanding its footprint. This type of strategy allows the companies for strengthening its footprint in the market. Also, key market players influencing the market are profiled in the study along with their SWOT analysis and market strategies.
North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructural capabilities. Hence, any impact on industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak thereby influencing the high adoption of online shopping across the country. For instance, according to studies, Amazon recorded an increase in sales by 37% owing to the covid-19 pandemic. It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. The close down of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is affecting the investments by retail outlets on any kind of technological advancements. For instance, the sales of online grocery segment across the United States, recorded an increase by 210.1% due to the pandemic. This rise in online sales of consumables is decreasing the dependency of the region’s population on brick and mortar stores. Thus, the above-mentioned factors are adversely affecting the NFC POS terminal market over the years.
Strategic insights for the North America NFC POS Terminal provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1145.4 Million |
| Market Size by 2027 | US$ 3224.9 Million |
| Global CAGR (2020 - 2027) | 14.1% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America NFC POS Terminal refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The NFC POS Terminal market in North America is expected to grow from US$ 1145.4 Mn in 2019 to US$ 3224.9 Mn by 2027; it is estimated to grow at a CAGR of 14.1% from 2020 to 2027. Rising Adoption of NFC POS Solutions in Retail Sector in developed countries has led to increase in the adoption of NFC POS Terminal. Countries with high GDP—the US among others—are vigorously carrying out large-scale industrialization and infrastructure developments.
Moreover, Increasing Preference for NFC-Compatible Smartphones for Payment Among Global Population are further expected to bolster the market growth. This is bolstering the growth of the NFC POS terminal Market
The market for North America NFC POS Terminal market is segmented into product type, application and country. Based on product type, the market is segmented into mobile and fixed. In 2019, the Fixed segment held the largest share North America NFC POS Terminal market. Based on application type market is segmented into entertainment, healthcare, hospitality, retail and others.
A few major primary and secondary sources referred to for preparing this report on the North America NFC POS Terminal Market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Castles Technology, Equinox Payments, Clover Network, Heartland Payment Systems, VeriFone, Inc, Fiserv, Inc, NFC POS Terminal Company (MICC) Ltd., Thermocoax Group, Thermon, and Valin.
The North America NFC POS Terminal Market is valued at US$ 1145.4 Million in 2019, it is projected to reach US$ 3224.9 Million by 2027.
As per our report North America NFC POS Terminal Market, the market size is valued at US$ 1145.4 Million in 2019, projecting it to reach US$ 3224.9 Million by 2027. This translates to a CAGR of approximately 14.1% during the forecast period.
The North America NFC POS Terminal Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America NFC POS Terminal Market report:
The North America NFC POS Terminal Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America NFC POS Terminal Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America NFC POS Terminal Market value chain can benefit from the information contained in a comprehensive market report.
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